What Should We Expect After COVID-19?
Often the worst fear we feel during epidemics and pandemics is not the death toll but the outcome, the great unknown. After any kind of outbreak, the country where it occurred faces economic crises. This time, the coronavirus pandemic has effected hundred’s of countries around the world, and the economic effects are going to be visible on a global scale. Governments and leading bodies are all working together around the clock to try and minimise the damage. However, it is to early to tell to what extent the economy is going to be affected.
How pandemics have caused drastic effects on businesses in the world:
Companies often have peaks and troughs in their performance. Market changes, competition, economic developments, as well as more unpredictable events, such as extreme weather can all impact on a business. Many organisations plan carefully for occurrences such as these, and with the help of technology can carry out detailed data analysis of markets, monitor political and economic developments, and be aware of developing weather patterns, earthquakes etc. Although COVID-19 is not the first pandemic the world has faced, they happen at such infrequent intervals, and rarely on this scale, that chances are, very few businesses have any kind of action plan in their arsenal that considers how they are to act during these times.
What makes Covid19 Worse?
For many of us, COVID-19 is likely the worst pandemic that has occurred in our lifetimes. The Ebola outbreak of 2014 was a global emergency, although it did not spread in the way the coronavirus has. Both diseases are highly infectious respiratory illnesses; however, the symptoms of Ebola are so severe and noticeable much sooner than COVID-19 making it much easier to know who is infected.
The incubation period of this new virus, and the fact that many of those infected show or feel no symptoms at all means it has been near impossible to prevent the outbreak from worsening. Governments have been forced to introduce lockdowns in their countries to try and reduce or slow the rate of infection and avoid their health care systems being overwhelmed.
What type of lockdown are we facing?
Lockdown is an emergency plan that usually stops people or information from leaving an area. A term often used in the prison system, when they are forced to lock down parts of jail following a riot or emergency. In simple terms; people must stay where they are! The national lockdowns we are experiencing now means thousands of businesses have had to suspend operations, closing their doors until such a time it is deemed safe for their employees to return to work.
Entire industries and sectors across the supply chain are operating at reduced levels, working remotely, or closed until further notice. Much of the UK workforce has been placed on furlough schemes, introduced by the government to pay salaries and protect jobs. There is no source of income for thousands of business owners.
Companies of all shapes and sizes are facing extensive; many are unlikely to be able to recover. Nobody wants to experience a financial crisis at any point in their business; sadly, that is going to be unavoidable for many.
Our business models are based on the chain system; if one piece is affected, it can filter down to everyone in the loop.
There are many problems with facing a crisis, and it does not change if it is personal or professional. We question our decisions, how we could have reacted differently, what we could have done better. Following an event like coronavirus, these answers may be harder to find as much of what happens is out of our control.
Both Public and Private sector are deeply affected by the pandemic although there have been unlikely opportunities for some businesses. Governments around the world are scrambling to source much-needed supplies and vital equipment such as PPE, ventilators and hand-sanitisers. Incentives, like the UK Ventilator Challenge, have allowed manufacturers to redesign their production lines to make items that are going to protect front line staff and key workers. The supply chain has diversified, forming partnerships to produce medical equipment that will help hospitals treat patients and save the lives of thousands of people critically ill with COVID-19.
Many home-grown supply chains are seeing a surge in demand, such as the farming industry, due to delays in importing food products. Fears surrounding bringing in items from abroad during a pandemic are also playing a large part in the increased demand.
Some Other Facts:
Support available for businesses differs in each country. For countries that have not introduced furlough schemes, such as in the UK, employees wages still need to be paid. This is regardless of if the company is currently open for business or not.
Mobile phone giant, Apple, are facing loses of almost £100bn in value as COVID-19 outbreak spreads. The tech industry will suffer significant setbacks. No-one is entirely safe from the economic effects of the pandemic; however, there are steps businesses can take to minimise the impact.
The lockdowns mean that people are spending more time than ever at home, with no-where to go, and long days ahead of them. Technology is keeping us connected with the outside world. Video calls are now the preferred way to catch up with family and friends. Business meetings are taking place on apps such as Zoom and Microsoft Teams, and online shopping is more popular than ever. For those of us trying to work at home, we may notice home internet and streaming services are under extra pressure as thousands of households are using them. Investing in systems such as HDMI and Wireless Extender’s could be a great way to prevent being slowed down by those around us.
It is also a reminder to organisations that times have changed, and trends continue to shape the way we do business. If your products and services are not available online, or customers can’t purchase from your website, now is the time to re-evaluate your methods and join the ‘modern world’. This way, you can continue to receive income while working remotely.
Summing up
The next few months are going to be a critical time for businesses around the globe. It is to soon to predict the full impact of the pandemic; however, we need to take steps now to protect our supply chains and find new ways to generate income, in some cases. Whatever happens, we all must take the necessary precautions to keep ourselves, our teams, and our customers, safe and healthy as we continue through these uncertain times.
#StaySafe and stay up to date with the latest developments, access resources to help businesses and individuals, find ways to stay active, and hear from experts about COVID-19 and how it is impacting our daily lives.
